When bills pile up and it becomes clear that you won’t be able to meet your financial obligations, it may be time to declare bankruptcy. Whether you are declaring bankruptcy as an individual or as a business owner in Montgomery County, PA, you should know that you have options. The U.S. Bankruptcy Code outlines a number of different options; Chapter 13 is one of those.
If you’re thinking about declaring bankruptcy in Montgomery County, PA, it’s important that you speak to a top Chapter 13 bankruptcy lawyer who can go over each option with you and help you determine which type will work best for your situation.
There are 3 main reasons that individuals with consumer debt and sole proprietors consider Chapter 13 bankruptcy in Montgomery County, PA:
- curing a default in a mortgage or car loan
- repaying a tax debt
- repaying unsecured debt in whole or in part when a Chapter 7 bankruptcy is not possible or advisable; for example, if an individual or business has too much disposable income or exposed assets.
Chapter 13 is aimed at individuals and sole proprietors who have steady income and can repay some or all of their unsecured debt or cure mortgage and car loan defaults in a period of three to five years. If it sounds complicated to you, don’t worry; a good Chapter 13 bankruptcy lawyer can explain all this information to you in a way you can easily understand.
At Nahrgang & Associates in Montgomery County, PA, we can supply you with a top Chapter 13 bankruptcy lawyer who will give you all the information and the tools you will need to make the right decisions for yourself.